SMART GOALS TODAY YOU WILL... FIGURE OUT A PLAN TO ACHIEVE PERSONAL FINANCIAL GOALS.. ©2012...
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Transcript of SMART GOALS TODAY YOU WILL... FIGURE OUT A PLAN TO ACHIEVE PERSONAL FINANCIAL GOALS.. ©2012...
©2012 National Endowment for Financial Education | Lesson 1-2: Goals
2
SMART GOALS
TODAY YOU WILL . . .
FIGURE OUT A PLAN TO ACHIEVE
PERSONAL FINANCIAL GOALS.
.
©2012 National Endowment for Financial Education | Lesson 1-2: Goals
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Teen Spending
In what situations might a teen spendmore than $100?
• This semester?
• In the next 12 months?
• More than a year from now?
©2012 National Endowment for Financial Education | Lesson 1-2: Goals
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Preview
Today we will answer these questions:• How can your personal goals be achieved through
money goals?• How do you write an effective financial goal?• How do you prioritize actions while working to achieve
several goals at the same time?
Use what you learn today to
write financial goals for big-ticket items.
©2012 National Endowment for Financial Education | Lesson 1-2: Goals5
“Shoot for the moon. Even if you miss,
you’ll land among stars.”
Musician Brian Littrell
©2012 National Endowment for Financial Education | Lesson 1-2: Goals
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SMART Goals
Specific
Measurable
Attainable
Relevant
Time-Bound
©2012 National Endowment for Financial Education | Lesson 1-2: Goals
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Is the Goal Specific? page 15
• What exactly needs to be accomplished?
• Who else will be in involved?
• Where will this take place?
• Why do I want to accomplish this goal?
Mike needs to replace all four tires on his car because the treads are worn out.
©2012 National Endowment for Financial Education | Lesson 1-2: Goals
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Is the Goal Measurable ?
• How will I know I have succeeded?
• How much change needs to occur?
• How many actions will it take?
Mike needs to have tires on his car with treads that provide good traction when driving in snow and rain conditions.
1. Find out how much new tires will cost.2. Save the money to buy tires.3. Schedule an appointment to replace tires.
©2012 National Endowment for Financial Education | Lesson 1-2: Goals
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Is the Goal Attainable?
• Do I have, or can I get, the resources needed to achieve the goal?
• Is the goal a reasonable stretch for me? (neither out of reach nor too easy)
• Are the actions I plan to take likely to bring success?
Mike has money saved and is also working, so hecan pay for the new tires. He also can compareprices at three businesses near his house.
©2012 National Endowment for Financial Education | Lesson 1-2: Goals
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Is the Goal Relevant?• Is this a worthwhile goal for me right now?
• Is it meaningful to me?
• Will it delay or prevent me from achieving a more important goal?
• Am I willing to commit to achieving this goal?
Mike wants to replace his current, worn-out tires for new tires. This will improve fuel efficiency and reduce the risk of having a flat tire at an inconvenient time.
©2012 National Endowment for Financial Education | Lesson 1-2: Goals
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Is the Goal Time-Bound?
• What is the deadline for reaching the goal?
• When do I need to take action?
• What can I do today?
Mike needs to replace his tires by the end of next month. By the end of this week, he will request three quotes to compare tire prices.
©2012 National Endowment for Financial Education | Lesson 1-2: Goals12
Goal Makeover page 16
What’s wrong with each of these goals?How do you recommend improvement so they are SMART?
Selena
• Save $200 for a trip to the outlet mall.
• Buy a new MP3 player.
Michael
• Save money for college next year.
• Buy a new computer in January.
©2012 National Endowment for Financial Education | Lesson 1-2: Goals
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SMART Goals
Specific
Measurable
Attainable
Relevant
Time-Bound
©2012 National Endowment for Financial Education | Lesson 1-2: Goals
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Plan Ahead; Delay Spending
Short-Term Up to three months
Medium Three months to a year
Long-Term More than a year
©2012 National Endowment for Financial Education | Lesson 1-2: Goals
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More Than One Goal = Set Priorities
On a scale of 1 (not at all) to 5
(extremely), how important is
achieving this goal to me?
©2012 National Endowment for Financial Education | Lesson 1-2: Goals
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Challenge 1-A: Smart Goals
Create at least three financial goals that are
specific, measureable, attainable,
relevant to your life, and time-bound.